The Government Thur 31.1.2013, announced that the 2011-12 Budget measure “Better Targeting of NFP Tax Concessions” will now commence from 1 July 2014. The Assistant Treasurer said the extension would enable “further consultation and engagement with the NFP sector on this measure and ensure there is an opportunity for detailed stakeholder input to be provided”.
The start date of 1 July 2014 is proposed to apply to activities that commenced after 7:30 pm (AEST) on 10 May 2011. The changes will not impact tax concessions that were used for these activities prior to 1 July 2014. As part of transitional arrangements, relevant activities that commenced prior to 7:30 pm (AEST) on 10 May 2011 will not become subject to the changes until 1 July 2015. The measure will not impact on tax concessions that were used for these activities prior to 1 July 2015.
[The Not-for-profit Sector Tax Concession Working Group consultation paper on tax concessions for the NFP sector was released in November 2012 and its final report to the Government is due in March 2013.]
Source: Assistant Treasurer’s media release, 31 January 2013
[LTN 20, 31/1/13]